Arthur Hayes Buys $1.1M of HYPE, Stake Worth $10.44M

Arthur Hayes purchased 26,022 HYPE, about $1.1 million, according to on-chain tracker Lookonchain. The buy is his first HYPE accumulation in roughly three months and brings his total holdings to 247,334 HYPE, valued at about $10.44 million.

The position shows unrealized gains of roughly 27.22%, about $2.23 million. Hayes reiterated a $150 price target for HYPE by August 2026 in a public statement on April 8 and cited the token’s revenue mechanics as a supporting factor.

Hyperliquid’s model returns 97% of trading fees to buy back and burn HYPE on the open market. The platform says those buybacks reduce circulating supply as trading activity generates fees.

Institutional filings are underway. Bitwise filed an amended registration statement adding the BHYP ticker and listing a 0.67% management fee. Grayscale submitted an S-1 to list a HYPE ETF under the GHYP ticker. Analyst Eric Balchunas noted that additions to registration statements often indicate a fund may be nearing launch.

HYPE has gained about 176% over the past year, according to CoinGecko. The token traded near $40.91, down about 2% in the past 24 hours after reports that the U.S. and Iran failed to reach an agreement.

Decentralized exchange activity has declined. Total DEX spot volume fell 23.9% to $212 billion in March, the lowest monthly figure since October 2024. Monthly perpetual DEX volumes dropped to $699 billion in March from a peak of $1.369 trillion in October 2025, according to DefiLlama. Hyperliquid remained the leader in perpetual volumes amid a five-month downtrend.

Market participants will monitor ETF approvals, institutional flows, large-holder activity and trading volumes in the coming quarter.